Misused Funds In Government Construction Projects

The goal of the project construction was reached as governmentshave allocated about 412.9 billion yuan and collected 466.8 billion yuan through loans and issuances of enterprise bonds, said Liu Jiayi, auditor general of the National Audit Office (NAO), at the ongoing session of the Standing Committee of the National People’s Congress (NPC), China’s top legislature.

However, he said project fund management and distribution in some areas failed to meet standards.

About 18,300 housing units were sold by construction companies,which violates regulations, he said.[Source]